Who is the Manager, CDD Review SME Banking (Standard Chartered)

  1. #1

    Join Date
    Feb 2007
    Shek Tong Tsui (HK Island)

    Who is the Manager, CDD Review SME Banking (Standard Chartered)

    Hi everyone,
    Can anyone please help me, what is going on at the Standard Chartered bank?
    My friend owns a small company, and just got this letter from Standard Chartered, asking for
    "Update of Customer Information"
    and it also contained this very detailed survey/questionaire.
    It needs to be returned to the Manager, CDD Review SME Banking (Standard Chartered)

    What is going on in the banking world?
    What is the purpose of this survey? Is it something that we can just ignore and throw in the bin?

    At first look, it looks a lot more "official" than the normal marketing / spam stuff.
    I did a quick google search where CDD => Customer Due Diligence
    Have attached the letter and the survey form.

    The stuff that they are asking seems to be confidential that would only tell the tax office !!! :O

    Details of Products/Goods/Services provided
    Source of company income: Estimated Annual Business Turnover AND profit from investment in HKD
    Principal Countries of Business:
    Source of wealth to start the business:
    From individuals
    From other company Income
    Source of fund into the bank accounts (by cheque/cash/LC/ CHATs/ TT etc. If from TT, please state the country/city transferred from):
    Initial start up capital for the company in HKD:
    Reason of company not incorporated in Hong Kong (if applicable):
    Who is the Manager, CDD Review SME Banking (Standard Chartered)

    Thanks A Lot!

    Attached Images Attached Images
    Last edited by LifeInHK; 29-01-2014 at 06:37 PM.

  2. #2

    Join Date
    Nov 2010

    SCB has a big push on regarding risk and compliance (ironic given they have been found guilty of money laundering themselves)


    this looks like possible data collection for putting your friend into their risk system, if I were them I'd be calling my bank manager prior to sending a thing though in case it isn't kosher...

    Last edited by jw1701; 29-01-2014 at 07:13 PM.

  3. #3

    Join Date
    Mar 2012

    They're going through a "keep the Americans off our back" exercise. Just tell them what they want to hear.

    In this case, just tick the "No change" box and send it back.

  4. #4

    Join Date
    Sep 2013

    Private banking customer? I think these are standard questions to ascertain money laundering risk and to ensure client isn't involved in activities that SCB don't agree with.

  5. #5

    Join Date
    May 2006

    Regulators are asking banks to be their enforcement arm. If you don't want to be bothered by this, use a Chinese bank. Otherwise, if you use an international bank, these requests will only increase.

    If you don't care about the account, then throw it in the bin. However, don't be too surprised if the next letter is "Dear Valued Customer, We are closing your accounts".